Residential loan servicers continued to reduce the share of distressed mortgages — pulling down the foreclosure inventory to the lowest level in more than six years in the process.
As of October, the number of loans either past due at least 30 days or in the foreclosure presale inventory was 3,617,000.
That was less than the 3,771,000 delinquent loans as of the previous month and the 4,428,00 distressed loans as of October 2013.
Black Knight Financial Services reported the collective performance statistics on Friday.
As a percentage of mortgages outstanding, the non-current rate was 7.13 percent.
The rate improved from 7.43 percent in September and 8.82 percent in October 2013.
Mississippi maintained a tight grip on its standing as the state with the worst non-current rate:Â 13.83 percent. No. 2 New Jersey’s rate was 11.78 percent, followed by Louisiana’s 10.74 percent, New York’s 10.33 percent and Florida’s 10.17 percent.
At only 2.30 percent, North Dakota had the lowest rate in the nation.
Reflected in October 2014’s U.S. non-current rate was a 30-day rate, excluding foreclosures, of 5.44 percent.
Thirty-day delinquency retreated from 5.67 percent a month earlier and 6.28 percent a year earlier.
Also included in the non-current rate was a foreclosure pre-sale inventory rate of 1.69 percent — the lowest level since February 2008.
The foreclosure rate was 1.76 percent in September and 2.54 percent in October of last year.
